Conrad Industries reports rise in income, backlog

AUGUST 15, 2014—Conrad Industries, Inc., Morgan City, LA, which provides new vessel construction and repair at its five shipyards in Louisiana and Texas, reported a rise in net income and earnings per diluted share for the quarter ending June 30, 2014 and for the six months of the year as compared with the same period one year ago.

Conrad reports that for the quarter ended June 30, 2014, it had net income of $6.8 million and earnings per diluted share of $1.14 compared with net income of $6.1 million and earnings per diluted share of $1.02 during the second quarter of 2013. For the fist six months of 2014, Conrad had net income of $13.2 million and earnings per diluted share of $2.21 as compared with net income of $12.0 million and $2.01 per diluted share for the same period in 2013.

Conrad reported that its backlog of work rose by $20 million to $173 million at June 30, 2014 as compared with $152.9 million as of December 31, 2013. It was slightly lower, however, than it was one year ago when it was $181.9 million.

The company’s core new construction business centers around a diverse portfolio of specialty barges—LPG tank barges, tank barges, heavy lift barges, crane barges—but also includes liftboats, ferries, towboats and tugs, and offshore supply vessels. Also, it has had recent success in the conversion market, with a series of midbody stretches for a U.S. Gulf of Mexico operator.